Something I hear from time to time is the claim that "We don't have any competitors."  It's a bold claim and rarely right, I'm afraid. What those making the claim usually mean is "There's no other business doing exactly, precisely and entirely what we do."  Sorry, but that's not the same thing as having no competiton.

If your product or service meets an existing needs (and if there isn't an existing need, you're going to have to create one pretty fast) then something will be meeting that need. Possibly not very well, possibly not as well as you can but human beings are resourceful - at the very least someone will have cobbled their own solution together.

A competitor does not have to look exactly like you!

Your competition can come from products or services that operate in the same field and solve the same problem without being exactly the same as the one you offer.  They might solve only part of the problem that you but, if your customers think that that's enough, they're still competition.

Your competition might not be in the same sector as you at all. Harley Davidson is known for regarding its competition, not as other motor cycle manufacturers, but products that compete for the lifestyle spending of people who can afford a major leisure purchase.  This applies in the business-to-business arena too - there can be all kinds of competition for a company's training budget.

And, of course, there are those other well-known competitors we can all face from time to time: "Doing it yourself" and "Going without".